Look at column S, which shows 233.77, which means that its $1.80/share annual dividend is 233.77% of its trailing twelve months' earnings per share of 77¢.However, when I look at the analysts' estimates page on Yahoo...http://finance.yahoo.com/q/ae?s=T+Analyst+Estimates...what I see is that the company is expected to earn about $2.38 per share this year and $2.54 in 2014, and that the "Year ago EPS" is listed at $2.20 per share. So I would conclude that the 77¢ EPS figure included one-time charges and that the $2.20 figure was operating earnings, which were more than the $1.76 per share paid in dividends in 2012. Using those numbers, the payout ratio would be 80%. (1.76/2.20)

Just to add to my previous message...the 77¢ per share earnings for the trailing twelve months (TTM) can't yet represent the 2012 calendar year, so it must refer to the four quarters ending 9/30/12, which would be the latest reported results (and apparently includes one-time charges, possibly even recorded in the fourth quarter of 2011).

This is a great example of why the CCC is just a starting point and potential investors need to do more research before making a buyin g decision.

when you get to the section you want formatted YOUR WAY, put in pre before the start and /pre when you finish that section ... be sure to enclose each pre and /pre command in the < and > marks. That should line up your columns the way you type them.

This is column No 1 and This is column No 2 forever never once in a while not now always seldom I quit You quit

When you finish, be sure to hit "Preview Message" just to check it. If it ain't right, hit "Edit Message" then make your corrections. "Preview" it again before submitting.